The Federal Reserve has left monetary policy unchanged and while it removed its tightening bias, it doesn’t seem to be in a hurry to cut interest rates. We still think May is the more likely start point for policy easing rather than March, even if the arguments for earlier moves are building. Fed caution argues against a March rate cut No change from the Federal Reserve on interest rates (target range kept at 5.25-5.50%) and it has removed its tightening bias, as widely expected, but there is a bit of push back on the market pricing that was favouring a March interest rate cut. The Fed say that while employment and ... (full story)